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Yen Holds Steady

JPY

USD/JPY trades at Y130.85, barely changed on the day, as weekend headline flow has failed to affect early price action. Regional news included worrying reports of North Korea's barrage of missile launches and an interception of an Australian aircraft by a Chinese fighter jet, evidence of fresh geopolitical tensions.

  • The key bullish target is provided by Y131.35, which represents a cycle high printed on May 9. Above there opens the 1.00 proj of the Feb 24 - Mar 28 - 31 price swing at Y131.96. Bears would be pleased by a fall towards the 50-DMA, which today intersects at Y127.52.
  • The rate rose to a four-week high last Friday, as U.S. NFP report showed that employment grew faster than forecast, fuelling hawkish Fed rate-hike bets.
  • Shouji Nishida, a senior LDP lawmaker, said that PM Kishida will likely want the BoJ to stick to its current monetary policy stance even after the departure of incumbent Governor Kuroda.
  • According to a report circulated by the Nikkei, PM Kishida is considering restarting the "Go To" travel subsidy programme this month to support the tourism industry.
  • On tap this week we have Japanese spending & earnings data (Tuesday) as well as final GDP, BoP current account balance & Eco Watchers Survey (Wednesday).
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